Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

Australian (ASX) Gold Industry Analysis

UpdatedDec 17, 2025
DataAggregated Company Financials
Companies154
  • 7D4.7%
  • 3M26.1%
  • 1Y99.9%
  • YTDn/a

Over the last 7 days, the Gold industry has risen 4.7%, driven by gains from Evolution Mining of 4.1%. This takes the industry's 12 month performance to a gain of 104%. Earnings are forecast to grow by 23% annually.

Industry Valuation and Performance

Has the Australian Gold Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 17 Dec 2025AU$153.5bAU$26.4bAU$4.6b26.6x33.5x5.8x
Fri, 14 Nov 2025AU$152.1bAU$26.4bAU$4.6b25.2x33.2x5.8x
Sun, 12 Oct 2025AU$142.0bAU$26.4bAU$4.6b22.5x31x5.4x
Tue, 09 Sep 2025AU$121.7bAU$26.8bAU$4.9b18.6x25.1x4.5x
Thu, 07 Aug 2025AU$99.9bAU$22.4bAU$3.2b17.7x31.3x4.5x
Sat, 05 Jul 2025AU$101.7bAU$22.3bAU$3.1b16.8x32.5x4.6x
Mon, 02 Jun 2025AU$108.1bAU$22.3bAU$3.1b20.3x34.9x4.8x
Wed, 30 Apr 2025AU$92.3bAU$22.2bAU$3.0b18.5x30.6x4.2x
Fri, 28 Mar 2025AU$83.7bAU$22.2bAU$3.0b17.4x27.6x3.8x
Sun, 23 Feb 2025AU$79.2bAU$20.7bAU$2.7b19.4x28.8x3.8x
Tue, 21 Jan 2025AU$76.0bAU$18.7bAU$1.8b20.8x41.6x4.1x
Thu, 19 Dec 2024AU$72.7bAU$18.6bAU$1.8b22x40x3.9x
Sat, 16 Nov 2024AU$67.8bAU$18.6bAU$1.8b18.4x37.5x3.7x
Mon, 14 Oct 2024AU$69.2bAU$18.4bAU$1.8b21.5x38.7x3.8x
Wed, 11 Sep 2024AU$61.8bAU$18.3bAU$1.7b21.1x37.2x3.4x
Fri, 09 Aug 2024AU$57.9bAU$16.1bAU$1.1b22.8x52.4x3.6x
Sun, 07 Jul 2024AU$57.0bAU$16.0bAU$1.1b22.3x53.2x3.6x
Tue, 04 Jun 2024AU$58.9bAU$17.1bAU$1.2b21x49.6x3.4x
Thu, 02 May 2024AU$56.8bAU$17.2bAU$1.2b20.9x47.4x3.3x
Sat, 30 Mar 2024AU$55.4bAU$17.2bAU$1.3b18.9x43.3x3.2x
Mon, 26 Feb 2024AU$47.5bAU$16.2bAU$915.4m19.7x51.9x2.9x
Wed, 24 Jan 2024AU$70.4bAU$22.9bAU$1.3b22.5x52.3x3.1x
Fri, 22 Dec 2023AU$76.5bAU$22.9bAU$1.3b25.5x56.9x3.3x
Sun, 19 Nov 2023AU$71.2bAU$22.9bAU$1.4b22.1x52.7x3.1x
Tue, 17 Oct 2023AU$69.4bAU$23.1bAU$1.4b21.7x50.3x3x
Thu, 14 Sep 2023AU$68.6bAU$22.9bAU$1.4b19x49.7x3x
Sat, 12 Aug 2023AU$68.6bAU$22.3bAU$439.6m18.3x156x3.1x
Mon, 10 Jul 2023AU$68.7bAU$22.3bAU$554.3m16.2x124x3.1x
Wed, 07 Jun 2023AU$71.3bAU$22.3bAU$580.8m17.3x122.8x3.2x
Fri, 05 May 2023AU$77.0bAU$22.3bAU$577.2m19.5x133.4x3.5x
Sun, 02 Apr 2023AU$70.4bAU$22.3bAU$563.7m15.8x124.9x3.2x
Tue, 28 Feb 2023AU$59.3bAU$22.3bAU$575.0m16.6x103.1x2.7x
Thu, 26 Jan 2023AU$69.9bAU$20.7bAU$1.1b19.3x61.6x3.4x
Sat, 24 Dec 2022AU$61.7bAU$21.0bAU$1.2b18.1x51.9x2.9x
Price to Earnings Ratio

51.9x


Total Market Cap: AU$61.7bTotal Earnings: AU$1.2bTotal Revenue: AU$21.0bTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Gold Industry Price to Earnings3Y Average 62.9x202320242025
Current Industry PE
  • Investors are pessimistic on the Australian Gold industry, indicating that they anticipate long term growth rates will be lower than they have historically.
  • The industry is trading at a PE ratio of 34.1x which is lower than its 3-year average PE of 62.9x.
  • The 3-year average PS ratio of 3.7x is lower than the industry's current PS ratio of 5.9x.
Past Earnings Growth
  • The earnings for companies in the Gold industry have grown 57% per year over the last three years.
  • Revenues for these companies have grown 7.9% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Comparison

How does Australian Gold compare with similar industries?

AU Market-0.056%
Materials0.78%
Metals and Mining0.65%
Gold4.73%
Precious Metals and Minerals9.08%
Silver6.15%
Copper0.63%
Diversified Metals and Mining-0.65%
Steel-1.21%
Aluminum-2.76%
Industry PEThere are no additional sub-industries under this industry.
Forecasted GrowthThere are no additional sub-industries under this industry.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
EVN Evolution MiningAU$12.114.1%
+AU$974.7m		144.6%PE26.6x
GGP Greatland ResourcesAU$9.2714.7%
+AU$800.9m		n/aPE18.5x
NST Northern Star ResourcesAU$26.141.8%
+AU$671.8m		62.6%PE27.9x
RMS Ramelius ResourcesAU$3.658.0%
+AU$519.7m		63.7%PE14.8x
VAU Vault MineralsAU$5.259.8%
+AU$490.5m		134.1%PE23.1x

Latest News

PDI
AU$0.68
Predictive Discovery
7D
-2.9%
1Y
195.7%
MM8
AU$0.37
Medallion Metals
7D
-9.8%
1Y
270.0%
RMS
AU$3.65
Ramelius Resources
7D
8.0%
1Y
63.7%

RMS: Higher Gold Prices Will Support Stronger Margins And Cash Returns

Analysts have raised their fair value estimate for Ramelius Resources from A$3.85 to about A$5.76, reflecting higher assumed gold prices, stronger revenue growth and margins, but also a slightly higher discount rate and a lower future P E multiple as some now factor in stretched valuations and potential overestimation of near term production. Analyst Commentary Recent Street research shows a wide dispersion in views on Ramelius Resources, underscoring the importance of execution against production targets and capital allocation discipline.
TM1
AU$0.10
Terra Metals
7D
-13.0%
1Y
316.7%
ERM
AU$0.25
Emmerson Resources
7D
-16.7%
1Y
228.9%

We Think Emmerson Resources (ASX:ERM) Can Easily Afford To Drive Business Growth

Dec 12
We Think Emmerson Resources (ASX:ERM) Can Easily Afford To Drive Business Growth
EMR
AU$5.95
Emerald Resources
7D
10.2%
1Y
62.6%
EVN
AU$12.11
Evolution Mining
7D
4.1%
1Y
144.6%

EVN: Higher Gold Prices Will Likely Prove Insufficient Against Rising Cost Pressures

Analysts have raised their price target on Evolution Mining from A$10.05 to A$10.23, citing higher forecast gold prices, slightly stronger revenue growth and margins, and a modestly lower future P/E multiple in their updated valuation work. Analyst Commentary JPMorgan recently raised its price target on Evolution Mining to A$10.50 from A$8.50 and reiterated an Overweight rating, reflecting a more constructive outlook on sector fundamentals and the company’s leverage to higher gold prices.
TOR
AU$0.28
Torque Metals
7D
-9.7%
1Y
449.0%
FXG
AU$0.32
Felix Gold
7D
-7.4%
1Y
250.0%
GMD
AU$6.45
Genesis Minerals
7D
6.1%
1Y
145.2%
GGP
AU$9.27
Greatland Resources
7D
14.7%
1Y
n/a
CYL
AU$6.46
Catalyst Metals
7D
-0.9%
1Y
139.3%
NST
AU$26.14
Northern Star Resources
7D
1.8%
1Y
62.6%

NST: Higher Gold Prices And Stake Sale Will Guide Future Performance

Northern Star Resources' analyst price target has increased from A$18 to A$22, as analysts cite improved gold prices along with stronger expected margins and growth. Analyst Commentary Analysts have provided updated perspectives on Northern Star Resources in light of recent market developments.
CMM
AU$13.80
Capricorn Metals
7D
7.5%
1Y
100.9%

Investors Shouldn't Overlook Capricorn Metals' (ASX:CMM) Impressive Returns On Capital

Nov 30
Investors Shouldn't Overlook Capricorn Metals' (ASX:CMM) Impressive Returns On Capital
VAU
AU$5.25
Vault Minerals
7D
9.8%
1Y
134.1%
TOK
AU$1.10
Tolu Minerals
7D
-7.2%
1Y
37.5%